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Polymetal selling Khakanja gold project in Russia for US$30M

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Polymetal selling Khakanja gold project in Russia for US$30M

Polymetal International PLC sold its 100% interest in the Khakanja gold-silver project in Russia for US$30 million in cash and assumed debt.

The assets sold include a 600,000-tonne-per-annum processing plant, related infrastructure, stockpiles at the Khakanja, Avlayakan and Ozernoye deposits with current ore reserves of about 100,000 gold equivalent ounces, and exploration properties at Kundumi, with estimated mineral resources of 140,000 ounces, and at Mevachan.

CEO Vitaly Nesis said, "The disposal of Khakanja advances our strategy of selling smaller short-lived assets."

The company said Dec. 17 that it expects the transaction to be complete before year-end.